By Bob Stark, Agricultural Economist
A 30 cent weekend decline in the 2014 Arkansas Cash Soybean market put the opening a statewide average price on this past Monday at $9.68. The trading week began with only three markets providing quotes, but three additional markets were added for the last two trading days. The market reacted to the weekend decline by moving considerably higher through midweek, but lost all of its momentum and moved sharply lower on the last two days to close out the week at a statewide average of $9.47 on Friday, a decline of 46 cents from the previous Friday closing price (Figure 1). High individual daily market quote of the past week was $10.10 at Old Town/Elaine on Thursday. Low daily quote of the week occurred on Friday with Pine Bluff reporting a price of $9.08. The Friday reported closing prices ranged from the $9.08 low at Pine Bluff to a high of $9.65 at Wynne. The Old Town/Elaine market, the price leader in recent weeks, did not submit an old crop price quote on Friday after posting the weekly individual market high on the previous day. The closing range of 56 cents is almost double that of the previous week, but the market participants should note both the loss of an Old Town/Elaine quote and that several new low price markets entered quotes on Thursday and Friday.
The 2015 soybean crop booking market did not suffer the variability of the old crop market. New beans lost 34 cents over the weekend break and opened trading on Monday at $9.15. But new crop market price regained part of its losses on Tuesday and generally maintained that Tuesday price level through the remainder of the week. 2015 new crop market beans ended the week at a statewide average of $9.23, an overall 26 cent decline from the previous week close (Figure 2).
High individual market quote for the week was $9.57 at Blytheville on Thursday as the state failed to have a plus-$10.00 individual daily market quote for the first time since mid-June. Low market quote for the week occurred on Monday with Des Arc at $8.89. All of the fourteen regular state markets continued to provide new crop quotes. End-of-the-week quotes saw closing day prices ranging from a low of $9.05 at Des Arc to a high of $9.47 at Blytheville. The ending quotes represent a range of 42 cents, a 4 cent narrowing from the closing quotes range of the previous week.
(Market average prices stated in this report are unweighted averages of the state markets surveyed by NASS. Price data was based on USDA LR GR111 Arkansas Daily Grain Reports.)